Show CORTELYOU'S MOVE PRAISED EVERYWHERE W WASHINGTON Nov Nor 18 If If the tho premium on currency is broken on once c it will change chane condition of foreign exchange ex ex- change chango so that tat tho the profit on em gold Jold imports im- im im mm- ports will be bo reduced or wiped out Some Sarno bankers believe that this will wilt not bo be an unmixed evil because America Ameria Ameri Ameri- ca a ahead already has drawn so much gold from Europe The They fear that this gold old will bo ho taken back soon under the pressure of high discount rates and tho the monetary stringency enc at London PaT Paris s and Berlin and tho they believe that the tho American market should cease to disturb European markets when it is found that a further further import of gold is not required to maintain the position While the tho certificates therefore undoubtedly un- un would bo an acceptable security se so- if it gold old were to be bo taken from the flank Bank ank of Franco France and n negotiations to that end may bo be resumed they may hll have havo o tho effect of making further imports imports im Ira- ports unnecessary Explaining the tho uses to which which I the tho new treasury certificates certificate will be put Charles A. A Conant C an authority on cur- cur reno issues said I I believe the action is a wise one The issue issue of short term certificates to the amount x Jf f mi might ht be bo criticised on ou tho ground that it is more moro than the occasion occasion requires but in my opinion It is is better in in such cm emergencies to take tako excessive precautions rather than inadequate on ones 8 In 1893 while the measures taken were we're sound Round the they were nearly always delayed until the situation w was s desperate and this seriously seri serio aggravated the evil ovil The now new certificates will not of course circulate circulate circa circa- late as money because they bear in in- terest They represent a very vcr different policy from the issue of legal eg-al tender notes which would have havo in inflated currency cur cur- rency without an any prevention for their retirement |